• Skip to content
  • Skip to navigation

Grant Thornton Australia

Grant Thornton uses cookies to monitor the performance of this website and improve user experience.

If you are happy to accept cookies from this site, please check the box.

To find out more about cookies, what they are and how we use them, please see our privacy notice, which also provides information on how to delete cookies from your hard drive.

How to be COVIDSafe when visiting Grant Thornton offices. Find out how

Global site
  • Global site
  • Algeria
  • Botswana
  • Cameroon
  • Egypt
  • Ethiopia
  • Gabon
  • Guinea
  • Kenya
  • Libya
  • Malawi
  • Mauritius
  • Morocco
  • Nigeria
  • Namibia
  • Senegal
  • South Africa
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe
  • Anguilla
  • Antigua
  • Argentina
  • Aruba, Bonaire, Curacao and St. Maarten
  • Bahamas
  • Barbados
  • Bolivia
  • Brazil
  • British Virgin Islands
  • Canada LLP
  • Canada RCGT
  • Cayman Islands
  • Chile
  • Colombia
  • Costa Rica
  • Dominica
  • Ecuador
  • El Salvador
  • Grenada
  • Guatemala
  • Honduras
  • Mexico
  • Montserrat
  • Nicaragua
  • Panama
  • Paraguay
  • Peru
  • Puerto Rico
  • St Kitts
  • St Lucia
  • St Vincent and the Grenadines
  • Trinidad & Tobago
  • United States
  • Uruguay
  • Venezuela
  • Turks & Caicos
  • Afghanistan
  • Australia
  • Bangladesh
  • Cambodia
  • China
  • Hong Kong
  • India
  • Indonesia
  • Japan
  • Korea
  • Malaysia
  • Mongolia
  • Myanmar
  • New Zealand
  • Pakistan
  • Philippines
  • Singapore
  • Taiwan
  • Thailand
  • Vietnam
  • Albania
  • Armenia
  • Austria
  • Azerbaijan
  • Belarus
  • Belgium
  • Bosnia and Herzegovina
  • Bulgaria
  • Channel Islands
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Georgia
  • Germany
  • Gibraltar
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Isle of Man
  • Israel
  • Italy - Bernoni
  • Italy - Ria
  • Kazakhstan
  • Kosovo
  • Kyrgyzstan
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Macedonia
  • Malta
  • Moldova
  • Monaco
  • Netherlands
  • Northern Ireland
  • Norway
  • Poland
  • Portugal
  • Romania
  • Russia
  • Serbia
  • Slovak Republic
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • Tajikistan
  • Turkey
  • Ukraine
  • UK
  • Uzbekistan
  • Bahrain
  • Egypt
  • Jordan
  • Kuwait
  • Oman
  • Qatar
  • Saudi Arabia
  • United Arab Emirates
  • Yemen
  • Lebanon
Grant Thorton Logo

Grant Thornton Logo Grant Thornton Logo

Contact us
  • Insights
  • Services
  • Industries
  • Meet our people
  • Careers
  • News centre
  • Locations
  • About us
  • Audit
  • Tax
  • Private Advisory
  • Financial Advisory
  • Grant Thornton Consulting
  • Asia
Audit Home
  • Audit methodology
  • Audit technology
  • Financial reporting advisory
Tax Home
  • Corporate tax
  • Employee equity reward schemes
  • Fringe benefits tax
  • Global mobility services
  • GST & indirect tax
  • International tax
  • Payroll assurance
  • Research & development
  • Tax compliance
  • Tax governance & risk management
  • Tax in mergers & acquisitions
  • Tax lawyers
  • Transfer pricing
Private Advisory Home
  • Family Business Consulting
  • Family office services
  • Private wealth
  • Superannuation
Financial Advisory Home
  • Corporate finance
  • Debt advisory
  • Forensic consulting
  • Payments advisory
  • Restructuring advisory
Grant Thornton Consulting Home
  • Business risk
  • Human capital
  • Performance improvement
  • Strategy & growth
  • Technology consulting
  • GNC Group Consulting
Asia Home
  • China practice
  • India practice
  • Japan practice
  • Agribusiness, food & beverage
  • Automotive dealers
  • Education
  • Energy & resources
  • Financial services
  • Health & aged care
  • Life sciences
  • Manufacturing
  • Not for Profit
  • Professional services
  • Public sector
  • Real estate & construction
  • Retail & consumer products
  • Technology & media
Agribusiness, food & beverage Home
Bite Size Dealtracker Food, Beverage & Agribusiness industry insights
Key insights for the Australian Food, Beverage & Agribusiness industry.
Financial services Home
  • Banking
  • Fintech
  • Private Health Insurance
  • Superannuation
  • Asset management
  • BEAR FAQs
  • Open banking
Royal Commission wrap up Top 10 things for Financial Services providers
Eleven months on from the first round of hearings for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Commissioner Hayne’s final report has been released.
Health & aged care Home
Aged Care Royal Commission Perspectives on the Future of Ageing
Transitions in ageing are not consistent and systematic as they are described by our ageing systems. Sometimes they are incremental, sometimes accidental, sometimes monumental, and they are always personal. We can create something better.
Life sciences Home
Biotechnology Industry Position survey Australia's biotechnology industry drives economic growth
The 2019 Biotechnology Industry Position survey conducted by Ausbiotech and supported by Grant Thornton has revealed that new technologies across regenerative medicine and medicinal cannabis are disrupting the industry, and Australia's global strength in clinical trials continues to drive contributions to the economic and social fabric of the country.
Manufacturing Home
mid-sized business report Manufacturing is critical to our economy – how can we support the sector?
Although the knock-on effects of the Australian automotive industry exiting our country are yet to be fully understood, the industry is evolving, and manufacturing continues to be a major employer and critical to our overall economy.
Not for Profit Home
NATIONAL OUTCOMES MEASUREMENT PROGRAM A practical framework
Royal Commissions and federal budgets are critical things for Nonprofit human service providers to be thinking about at this point in time.
Real estate & construction Home
mid-sized business report Supporting affordable housing requires planning, certainty – and tax reform
There is a lot of noise around the property sector at the moment – and it’s not all positive. Prices are down – but this shouldn’t be a surprise when some markets (namely Sydney & Melbourne) saw unprecedented hikes in recent years.
Retail & consumer products Home
GNC Group Consulting The Technology Trap: Online innovation in retail
I recently attended the NRF Retail Big Show in New York, an overwhelming smorgasbord of retail technology and new store concepts.
Technology & media Home
  • Telecommunications
Scaling-up for Growth From start-up to scale-up
Navigating the complexities of growth and maintaining previous success is a challenge for all mid-size businesses.
  • Working at Grant Thornton
  • Student opportunities
  • Experienced careers
  • Contact us
Working at Grant Thornton Home
  • Flexibility
  • Your career and development
  • Diversity and inclusion
  • In the community
  • What we offer you
Student opportunities Home
  • Graduates
  • Vacationer Program
  • The application process
  • FAQs
  • Student application tips and tricks
Experienced careers Home
  • Client spotlight
  • Grant Thornton Australia | Audit, Tax and Advisory
  • Client alerts
  • 2020
  • Accounting implications of COVID-19

Accounting implications of coronavirus COVID-19

07 Apr 2020
  • Accounting implications of COVID-19

The recent COVID-19 outbreak has caused extensive disruptions to the entire global economy.

In Australia, additional precautions such as travel and transport restrictions, quarantine measures, and limitations of operating activities of businesses have been enforced, with the breadth of these limitations expanding over time.

Due to the rapid evolution of the situation, it is difficult to predict the full economic impact of the pandemic. So how do you account for COVID-19 in your financial reports?

We’ve compiled a helpful guide to provide some insight on the key accounting implications that management – and auditors – will need to consider for periods ending subsequent to 31 December 2019 (including interim periods), including:

  1. Subsequent events;
  2. Going concern, including the basis of preparation;
  3. Impairment of assets, including goodwill;
  4. Revenue;
  5. Allowance for expected credit losses;
  6. Fair value measurement;
  7. Government grants;
  8. Lease Modifications;
  9. Financial instrument modifications – debt instruments;
  10. Financial instruments – counterparty risk;
  11. Provisions;
  12. Other considerations:
    a). Joint ventures and associates;
    b). Valuation of inventories;
    c). Deferred taxes;
    d). Borrowing costs;
    e). Insured events; and
    f). Hyperinflation.

Please reach out to your local Audit Partner to discuss your specific circumstances.

Download PDF
Download PDF [1618 kb]
Download PDF [1618 kb]
Download PDF [1618 kb]

For more information, please contact:

Merilyn Gwan
Merilyn Gwan
Partner & Head of National Assurance Quality Sydney
Email address https://au.linkedin.com/in/merilyn-gwan-787b9633 Merilyn Gwan VCard
View full profile
Watch on-demand NFPs transforming through COVID COVID-19 has impacted not for profits in various ways and complexity, forcing some to make simple operational changes and others to question their long-term viability. Read full article
Grant Thornton Australia
Watch on-demand The future of work: Managing your global talent The coronavirus pandemic has pushed many businesses to rethink how we work. Read full article
Mobility Minutes
PODCAST Mining Boom 3.0 is about being smarter, not necessarily big Don’t just think iron ore. Australia is truly resource rich – from hydrogen through to lithium and nickel for energy storage, and Rare Earth minerals for computers, smartphones and the aerospace industry. Read full article
Energy and resources
Podcast A once in a lifetime budget The Government has delivered a once in a lifetime Federal Budget in response to COVID-19. Read full article
Grant Thornton Australia
Podcast The changing shape of retail COVID-19 has changed the way we shop – perhaps forever. There is no retailer unaffected. But while many in the industry are experiencing hardships they might never bounce back from, it’s not all doom and gloom. Read full article
Retail | Grant Thornton Australia
Podcast A green-led COVID recovery Last week was “energy week” – with a number of policy announcements from the Federal Government, and yesterday’s launch of the Low Emissions Statement yesterday signalling the prioritisation of hydrogen storage, low carbon manufacturing and carbon capture on our transition away from coal and towards a more renewable future. Read full article
covid-19
Insights JobKeeper Extension Rules made On 15 September 2020 the Federal Treasurer Josh Frydenberg released the Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 8) 2020 (and Explanatory Statement). Read full article
jobkeeper
Podcast ASX listings to pick up in the run up to Christmas When COVID-19 hit, new listings on the stock market took a dive. Read full article
ASX
Insight Victorian Premier announces additional $3b business support The Premier of Victoria, the Hon Daniel Andrews, yesterday announced a major $3b stimulus package designed to assist Victorian businesses through the “second wave” and beyond. Read full article
gtal_2020_afb-9_464x422
Podcast Brave new world The impacts of COVID-19 will continue to be massive on businesses and individuals alike. Read full article
Grant Thornton Australia
Watch on-demand Keeping up with JobKeeper On Tuesday 1 September, parliament passed legislation to approve the extension and changes to JobKeeper. Read full article
Grant Thornton Australia
Insight Five trends shaping retail beyond 2020 The coronavirus has turned retail on its head. Once we get through the pandemic restrictions, these five trends will drive retail over the coming years. Read full article
Grant Thornton Australia | Retail
Podcast Disrupted or disruptor? AI, big data, machine learning, the Internet of Things – all things that were “coming” in the years leading up to the COVID-19 pandemic and are now staring us in the face. Read full article
Grant Thornton Australia
COVID-19 The critical 5 per cent No matter where your employees are working – on-site, in the office, at home or a combination – business leaders are reconsidering what it means to keep their people healthy and safe in a world affected by COVID-19. Read full article
Grant Thornton Australia
Webinar on-demand Dr Ian Norton on reopening your workplace In this webinar, Grant Thornton CEO Greg Keith and emergency response expert, Founder and Managing Director of Respond Global Dr Ian Norton discuss how communicable diseases – like COVID-19 – spread. Read full article
Grant Thornton Australia
Insight India’s expanded Equalisation Levy For many businesses, COVID-19 has been a trigger for developing or revising international strategies, with new markets and efficiencies being found in other countries: and India is consistently on the radar as one of the world’s largest economies. Read full article
Grant Thornton Australia
Insight Supporting MSBs to “grow” out of the recession We made a pre-Budget submission in support of Mid-Sized Businesses and their role in driving the economy forward on 24 August 2020. Read full article
Grant Thornton Australia
Webinar on-demand Affinity webinar: Mitigating risks in uncertain times While many businesses are currently benefiting from a variety of Government stimulus packages, JobKeeper and COVID-19 relief are likely to disappear or reduce significantly across most industries from September. Read full article
Grant Thornton Australia Affinity logo
Insights Impact of JobKeeper on income tax for Clubs For clubs, mandatory shutdowns due to COVID-19 have been particularly devastating and JobKeeper has been a welcome lifeline to help keep employees on the books. Read full article
Grant Thornton Australia
Podcast Park your innovation dollar here The government has said the economy needs to ‘grow’ out of the recession. Innovation will be to key to this. Read full article
Grant Thornton Australia

Subscribe to receive our publications

Subscribe now to be kept up-to-date with timely and relevant insights, unique to the nature of your business, your areas of interest and the industry in which you operate.

Subscribe

Share this page
  • Share this page on Facebook LinkedIn
  • Share this page on Twitter Twitter
  • Share this page on LinkedIn LinkedIn
  • Share this page on Wechat WeChat
  • Share this page via email Email
  • Follow us on youtube
  • Follow us on linkedin
  • Follow us on twitter
  • Follow us on facebook
Connectclose
  • Contact us
  • Locations
  • Meet our people
  • Subscribe
  • Staff portal
Aboutclose
  • About us
  • Careers
  • News centre
  • Client alerts
  • Grant Thornton Foundation
  • Grant Thornton Affinity
Legalclose
  • Privacy
  • Compliance and ethics
  • Disclaimer
  • Site map

© 2021 Grant Thornton Australia Limited – All rights reserved

    • EN
    • Contact us